Within this turbulent economy that includes quickly changing national priorities and reduced political cooperation, there is true chaos and havoc being wreaked on the federal landscape (Neumark, Muz, & National Bureau of Economic Research, 2014). Almost each agency grapples with increase performance mandates, reduced risk tolerance, and lower budgets. From this arises an environment of smaller opportunities, compressed margins, and lower labor rates. Because of these many businesses fail. What can companies do to survive the pitfalls of current existing market conditions? They need to create value.
Companies and businesses aim to provide value for their customers through additional services and benefits. For example, Amazon.com, Inc gives customers an excellent return policy where the company pays for return shipping and if a customer is unhappy with their product, they can get a full refund (Davis, 2016). Furthermore, Amazon.com, Inc, makes it easy for customers to speak to a customer service agent quickly from online, or over the phone. Such ease in communication makes an intangible value creation. Customers like having the ability to easily contact a company with a concern or issue. By Amazon.com, Inc providing excellent customer service, they create loyalty among their existing customer base. “With Prime, Echo and its ever-broadening Web Service’s business, Amazon is slowly but surely becoming the world leader in delivering on its brand promise: being the "Earth’s biggest selection and being the Earth’s most customer-centric company” (Davis, 2016).
That loyalty translates to higher rates of purchases and higher profits. While it costs resources to maintain an excellent customer service, Amazon.com, Inc takes into consideration what amount of money it would be lost if they did not have the additional value in their company. These things need to be considered when it comes to running a successful business. While some things can and should be implemented to generate value for the...
References
Davis, S. (2016, July 14). How Amazon's Brand and Customer Experience Became Synonymous. Retrieved from https://www.forbes.com/sites/scottdavis/2016/07/14/how-amazons-brand-and-customer-experience-became-synonymous/#6db1672c3cd5
Dudycz, T., Osbert-Pociecha, G., & Brycz, B. (2016). The Essence and Measurement of Organizational Efficiency. Springer.
Mahajan, G. (2016). Value creation: The definitive guide for business leaders. SAGE Publishing India.
Neumark, D., Muz, J. E., & National Bureau of Economic Research. (2014). The "business climate" and economic inequality.
Schiuma, G. (2011). Managing knowledge assets and business value creation in organizations: Measures and dynamics. Hershey PA: Business Science Reference.
Wuyts, S., Rindfleisch, A., & Citrin, A. (2015). Outsourcing customer support: The role of provider customer focus. Journal of Operations Management, 35, 40-55. doi:10.1016/j.jom.2014.10.004
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